U.S. crude oil supplies continue to drop, down 7.0 million barrels (1.9%) for the week ending Dec. 27, according to an Energy Information Administration report (link opens a PDF) released today.
After falling 4.7 million barrels the previous week, this latest report marks the fifth straight week of draws. Refinery inputs continue to push supplies down, with refinery capacity utilization rates clocking in at 92.3%. Overall inventories are up 0.2% in the past 12 months.
Gasoline inventories increased 0.8 million barrels (0.4%), cancelling out the previous week's 0.6 million barrel draw. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 3.5% over the same period a year ago. In the last year, supplies have decreased 2.2%.
Over the past week, retail gasoline pump prices increased $0.06 per gallon to $3.331 per gallon on Dec. 30.
Distillates supplies, which include diesel and heating oil, added on 5.0 million barrels (4.4%) after dropping 1.9 million barrels the previous week. Distillates demand for the last four weeks is up a seasonally adjusted 1.3% from the same period the previous year. In the past year, distillates inventories have dropped 4%.